Loan Calculator — EMI, Interest & Amortization
Calculate the monthly EMI, total interest, and full amortization schedule for any fixed-rate loan. Model extra payments, view a principal-vs-interest chart, and download the full report as a PDF. Works for home, car, personal, and student loans.
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How to use
- Step 1: Enter the loan amount (principal)
- Step 2: Enter the annual interest rate (%)
- Step 3: Enter the tenure in years or months
- Step 4: Optionally add extra monthly payment
- Step 5: Review EMI, total interest, schedule, and chart
- Step 6: Click 'Download PDF' to save the report
How EMI works (with formula)
The Equated Monthly Installment (EMI) formula is:
EMI = [P × r × (1+r)^n] / [(1+r)^n − 1]
Where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments.
Each EMI splits into two parts: interest on the outstanding balance, and principal repayment that reduces that balance. Early in the loan, most of the EMI is interest because the balance is large; near the end, most goes to principal. The amortization schedule shows this split month by month.
Extra payments are applied 100% to principal, immediately reducing all future interest. Even a single extra EMI per year typically shortens a 30-year mortgage by 4-6 years.
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Examples
| Principal | $300,000 |
|---|---|
| Rate | 6.5% / year |
| Tenure | 30 years (360 months) |
| Monthly EMI | $1,896.20 |
| Total interest | $382,633 |
| Total payment | $682,633 |
| Principal | $25,000 |
|---|---|
| Rate | 7.0% / year |
| Tenure | 60 months |
| Monthly EMI | $495.03 |
| Total interest | $4,702 |
| Total payment | $29,702 |
| Principal | $10,000 |
|---|---|
| Rate | 11.5% / year |
| Tenure | 36 months |
| Extra / month | $100 |
| Payoff | 29 months (vs 36) |
| Interest saved | ~$365 |